The ether rate grew rapidly as the contract deposit for the zero phases of Ethereum 2.0 was filled and immediately crossed the $600 level after reaching the required amount for launch.
Over the past week, Ethereum has risen by 31.7% and has already passed the second psychological mark. At press time, ETH is trading at $620 with a 6.6% daily gain. The accumulation of the required amount (524,288 ETH) on the second version of the cryptocurrency deposit contract, confirming the launch of the genesis protocol on December 1, added confidence to traders.
The timely start of Phase 0 was questionable due to weak initial community involvement. In the first week, only 50,849 ETH were deposited into the deposit contract. Many worried that the launch might be delayed until next year due to the too slow flow of funds. However, a few days before the deadline, the situation changed dramatically.
The tokens contributed by the participants will be blocked until phase 1.5, which will combine the existing cryptocurrency network with the new version of the blockchain and the Ethereum 2.0 sharding system. Its launch is scheduled for late 2021 – early 2022.